HSBC Official Says Bank’s Business In Armenia Successful

HSBC OFFICIAL SAYS BANK’S BUSINESS IN ARMENIA SUCCESSFUL

PanARMENIAN.Net
September 19, 2011 – 14:49 AMT

PanARMENIAN.Net – HSBC Bank Armenia is satisfied with the success of
its business in Armenia, the Bank’s Chief Executive Officer said.

As Astrid Clifford stated at news conference in Yerevan, in May 2001,
HSBC announced its new strategy, envisaging focusing of resources
and financing in the markets capable of securing rapid growth and
profitability of the capital.

According to Ms. Clifford, the new strategy is based on 5 objective
indices, assessing the effectiveness of the bank’s presence in the
country.

Commenting on HSBC withdrawal from Georgia, she noted that a special
approach was applied, with country’s market volume and the bank’s
activity period considered.

HSBC will withdraw from Georgia by early 2012 as part of its
retreat from markets where it lacks scale, HSBC Bank Georgia said on
September 6.

“In Georgia we have limited size and scale and, despite considerable
efforts in the country, we feel now is the right time to withdraw from
the market. We have informed the regulator and our employees, and will
be informing our customers as we work towards securing a smooth exit,”
Guy Lewis, chief executive of HSBC Bank Georgia, said in a statement.

HSBC announced on August 1 that it will cut 25,000 more jobs around
the world, in addition to the thousands of job cuts already underway,
after reporting a surge in profit.

HSBC Chief Executive Stuart Gulliver said he expects to cut 25,000
jobs between now and 2013.

According to Ms. Clifford, HSBC Bank Armenia will continue operations,
with USD 1 mln investment in technical innovations planned. “HSBC
business in Armenia has been good ever since the opening of the Bank;
we also have a significant share in the country’s banking market,”
she stressed.

Armenia will remain the only country of HSBC presence in South
Caucasus.

From: Emil Lazarian | Ararat NewsPress

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Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS